Colombia cuts TES issuance for 2014, swaps maturities

miércoles 12 de marzo de 2014 10:58 GYT

BOGOTA, March 12 (Reuters) - Colombia has cut the amount of local Treasury bonds it plans to issue this year by 900 billion pesos ($440 million), as part of its debt management that included a swap of domestic bonds.

The Treasury swapped Treasury bonds, known as TES, worth 1.34 trillion pesos in which paper that matures in 2014 and 2015 was exchanged for maturities in 2017 and 2028, the finance ministry said late on Tuesday.

The debt management cut the total issuance of TES this year to 29.4 trillion pesos from an original target of 30.3 trillion pesos, the ministry said. The swap reduces debt servicing by 911 billion pesos for 2014 and by 432 billion pesos in 2015.

TES are the second source of government financing after taxes.